(Reuters) - The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank.Read Full Article →

The FASB plans to release for public comment a proposal to clarify what qualifies as a modification under its stock compensation guidance. If the proposed change becomes a final amendment to U.S. GAAP, modification accounting would not have to be applied to changes that do not affect the total current fair value, vesting requirements, or classification of employee stock awardsRead Full Article →

(Reuters) - Two-dozen Republicans from the U.S. House of Representatives asked the White House and the Treasury on Wednesday not to finalize proposed regulations meant to crack down on companies that try to reduce their U.S. taxes by rebasing abroad, fearing it will harm business and the economy.Read Full Article →

The FASB staff told the board's Private Company Council (PCC) that its proposed approach for simplifying the accounting for instruments with so-called down round features would result in inconsistent accounting between public and private companies. The debate surrounds a broader FASB initiative to simplify its guidance for certain financial instruments that possess properties of both liabilities and equity.Read Full Article →

IRS has recently released Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding, and Instructions to accommodate the FATCA provisions of the Code's Chapter 4.Read Full Article →

(Reuters) - U.S. regulations, proposed by the Treasury to crack down on companies that try to reduce taxes by rebasing abroad, have begun a White House review and could be finalized shortly, officials said on Tuesday.Read Full Article →